晉身香港5大強積金供應商1

信安於今年9月1日完成收購AXA安盛在香港的強積金及職業退休計劃業務後，信安的強積金市場佔有率現躋身本港市場的首五位1，在香港的退休業務的資產管理增長達60億美元。

與AXA安盛成為策略性夥伴

信安透過與AXA安盛的策略性夥伴協議及其專營業務營銷團隊的實力及專長，進一步鞏固分銷網絡。

業務規模更大服務範圍更廣

我們的目標是幫香港人退休。我們會繼續專注幫助客戶實現長遠儲蓄目標，保障大家退休無憂。

隨著資產與市場佔有率增加及客戶人數增長，信安透過更廣泛的分銷網絡為客戶提供更卓越、更高質素的退休方案、產品和服務。

總裁的話: 信安晉身5大強積金受託人 照顧更多上班一族退休需要！Message from Art Bacci: Principal Ranked 5th in HK to Serve More HK Employees!

• 封面故事－總裁的話: 信安晉身5大強積金受託人 照顧更多上班一族退休需要！

Cover story – Message from Art Bacci: Principal Ranked 5th in HK to Serve More HK Employees!

• 信安榮獲積金局嘉許為 「積金好僱主」

Principal Hong Kong Recognized as “Good MPF Employer” by MPFA

• 選用電子報表，享受更高效率與彈性

Switch to e-Statements, Enjoy Efficiency & Flexibility

• 強積金貼士分享 ：強積金教育節目「強積金要上心」

MPF Tips Sharing: MPF Education Program “強積金要上心”

• 專訪基金經理：中港股市估值 吸引！

Meet the Investment Manager: Cheapest Valuation in a Decade!

• 優化提取強積金的安排 Refining the Withdrawal

Arrangements for MPF Benefits

今期內容In this Issue:

強積金 / 職業退休計劃熱線MPF/ORSO Scheme Hotline: (852) 2827 1233

網址 Website: www.principal.com.hk

環球投資及退休管理Global Investment and Retirement Management

2015年11月 | November 2015

第39期 | Issue 39只供信安計劃成員

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信安國際香港區總裁柏智偉先生Mr. Art Bacci, Head of Principal International (Hong Kong)

Amongst the Top 5 MPF Providers1 in Hong Kong

With the completion of our acquisition of AXA’s Mandatory Provident Fund (“MPF”) and Occupational Retirement Schemes Ordinance (“ORSO”) pension business in Hong Kong on 1st September 2015, The Principal becomes the 5th largest provider1 in Hong Kong’s MPF market, increasing assets under management of our Hong Kong pension business to more than US $6 billion.

Strategic Partnership with AXA

Our distribution network is also strengthened by the strategic partnership with AXA, leveraging the capabilities and expertise of AXA’s proprietary distribution networks in Hong Kong.

Scale up business, Dedicated to helping more

Our goal is help Hong Kong people retire. We will continue to focus our efforts on helping clients achieve their long-term savings goals and to provide them with a sense of security.

With the increased asset size and client base, we intend to create more value to our customers by offering enhanced retirement solutions, products and high quality customer services through an expanded distribution network.

1 根據截至2015年9月The Gadbury Group 強積金市場佔有率之報告1 Based on The Gadbury Group MPF Market Shares Report as of September 2015

為表揚關顧及重視僱員退休保障的僱主，積金局設立了「積金好僱主」嘉許計劃。計劃的目的除促進僱主履行法 律 責 任 外 ， 更 希 望 鼓 勵 僱 主 為 僱 員 提 供 更 佳 的 退 休 福利。

信安通過選拔程序，符合積金局的評核標準，獲認可為「積金好僱主」2，以嘉許我們為提高員工退休保障的支持和付出的努力。

作為全港最大的強積金服務提供機構之一，我們理解退休規劃的重要性及強積金制度的角色。我們視人力資本為本公司和所有客戶公司最珍貴的資產，為員工提供長遠的退休福利一直是我們最為關注的。

信安國際香港區總裁柏智偉先生表示：「我們感到十分高興能獲得由積金局嘉許在退休保障方面的最佳僱主之一的榮譽。」

信安成員現已可隨時享用全面的客戶服務。為了讓您的退休金帳戶管理更有效率和更具彈性，信安積極加強電子化服務，成員能輕易查閱和下載帳戶結餘資訊。

您現在只需進入信安退休服務中心(RSC)，即可輕鬆查閱您的電子報表！RSC是個網上退休金管理平台，您能在此下載近期寄到您手上的各式報表。

如何下載電子報告（包括成員權益報表） 登入信安網站 www.principal.com.hk.

選擇「成員」登入類別 輸入登入編號或香港身份證號碼及密碼進入您的個人帳戶

1. 在退休金帳戶版面上，選擇網上報告。2. 從左邊的功能表上，選取您需要的報表。

另外，您亦可參考用戶指南或網上示範了解更多RSC的功能。

Members of Principal are already enjoying our comprehensive customer services. To make you pension account management more efficient and

flexible, Principal has been continuously enhancing its e-services, enabling members to access and download account balance information at ease.

You can now just access to the Principal Retirement Service Centre (RSC) and view your e-Statements at your fingertips! RSC is an Internet based

retirement management platform where you can download all sorts of latest account reports including Benefit Statements sent by Principal.

How to download E-Reports (including Member Benefit Statements)

Go to www.principal.com.hk.

Select login type as “Member”.

Input your Login ID or HKID number and PIN to access your personal account.

1. On the page of Pension Account, click E-Reports.

2. Select the type of report you want to view from the left navigation bar.

You can refer to the user guide or the online demo for more information about using

RSC.

選用電子報表，享受更高效率與彈性 Switch to e-Statements, Enjoy Efficiency & Flexibility

2. Principal has received the Good MPF Employer Award 2014/15 launched by MPFA. The 2014/15 Award covers the period from 1 April 2014 to 31 March 2015.

2. 信安獲積金局獲頒發「積金好僱主2014/2015」嘉許獎項，2014/15年的計劃年度為2014年4月1日至2015年3月31日。

信安榮獲積金局嘉許為「積金好僱主」Principal Recognized as “Good MPF Employer” by MPFA

To recognize employers who place a high value on their employees’ retirement needs, the MPFA has launched the Good MPF Employer Award (“the Award”). The Award aims to not only cultivate employers’ responsibility under the law, but also encourage employers’ efforts to further enhance the retirement protection of their employees.

After the meticulous selection process based on MPFA’s assessment criteria, Principal has been recognized as “Good MPF Employer”2 for our continuous effort and support in enhancing employees’ retirement protection.

As one of the largest MPF service providers in Hong Kong, we understand the importance of retirement planning and the role of MPF system. We regard human capital as the most valuable assets in both our own company and all client companies. Better long-term retirement benefits for employees are always our key concerns.

“We are delighted to receive this honor by MPFA of being one of the best employers in maintaining the standard of retirement protection.” said Mr. Art Bacci, Head of Principal International (Hong Kong).

專訪基金經理：中港股市估值吸引！Meet the Investment Manager: Cheapest Valuation in a Decade!

Q1: What’s your view on Hong Kong and China equity markets recently?A: Last week of September, Hang Seng Index reported 3.2% loss and Hang Seng China Enterprise Index fell 3.2%. The cumulative decline year to-date have been 8.9% and 19.1%, respectively. We saw massive outflow from the Hong Kong market and went into risk-off, safer assets, like gold and treasury. US markets are also showing fatigue, posting larger loss as China market continued to fall when the Chinese government announced it will not further support the market by buying more securities. This news apparently has impacted us and around the world.

This sell-off makes the current valuation compelling from a historical perspective, as can be seen on various measures such as price to earnings, price to cash flow and price to book ratio, which were close to 10 year low levels. Everyone was bearish and miserable, which meant a lot of negative were in the prices. Given the relatively low valuation compared to history and other countries in the region, we believe the downside risk is limited.

Q2: How is valuation of stock?A: As of 30th of September, Hang Seng Index trades at 1.1 times price to book, around the lowest level in 10 years and about 40% cheaper than 10 year average. This can be partially explained by falling ROE (14-15%, 19% lower than 10 year average) caused by overcapacity and anticorruption efforts. Year to date, value stocks outperform growth stocks by 3.4% as represented by MSCI Hong Kong Value NR USD and MSCI Hong Kong Growth NR USD Index respectively. Our experience indicates that price to book ratio and forward earnings yields are better reference to find value in stocks in market turmoil.

Momentum can be a poor indicator; a security recorded less loss does not necessarily mean it withholds the downturn better; chances investors are waiting for clearer signal before offsetting their positions.

At Principal we do not attempt to predict whether value or growth will lead the markets. Rather, through careful stock selection, we are able to construct portfolios that simultaneously deliver better growth profiles at cheaper valuations than the overall market.

Q3: What is the investment outlook for Hong Kong and China equity markets? Is it a good time to buy?A: Our strategy continues to overweight stocks with improving business fundamentals, rising investor expectations, and attractive relative valuations. We minimize market, sector and industry exposures relative to the index in order to isolate superior stock selection as the primary source of outperformance.

This market downturn creates buying opportunities for our portfolio as we believe the anti-corruption initiatives created a hiccup of the economy for good, and the structural reform will help ROE to find the bottom soon; we favor companies with strong balance sheet with decent leverage (or net cash), high cash flow yield, and attractive forward earnings yields. Financial strength enables these companies to acquire assets at a cheaper price and position for long term growth.

We overweight consumer discretionary stocks as some industries such as auto that with upward earnings revisions, partially driven by electronic vehicles. We also overweight insurance, utilities and telecoms that have strong cash flow and good government reform agenda. We also trimmed holdings that have significant foreign currencies exposure, be it from the revenues or debt servicing. Energy (oil and coal), Macau gaming remain underweights or no exposure.

信安環球投資基金經理，大中華區股票投資主管，董事總經理王曦Alan Wang, Portfolio Manager,Head of Greater China Equities, Managing Director of Principal Global Investors (PGI)

王曦是信安環球投資(PGI)旗下「信安環球股票」(PGE)的團隊成員。PGE採用獨特由下而上的選股理念和程序，重點是捕捉基本因素變化，以下為王曦分享他的投資見解。Alan Wang is part of PGI’s boutique Principal Global Equities which uses a distinctive bottom-up stock selection philosophy and process centered on identifying fundamental change, therefore his views below are derived from this process.

問1：你怎看最近香港和中國的股票市場？答：香港恒生指數和恒生中國企業指數在九月最後一個星期皆跌3.2%，而年初至今兩指數則分別減少8.9%和19.1%。我們看到大量資金從香港市場流出，資金尋求低風險、相對安全的資產如黃金和國庫債券。美國市場也出現疲態，在中國市場持續下跌並中國政府宣佈不再透過購買證券資產托市後跌幅擴大。很明顯，這些新聞一直影響著我們以至整個世界。

從往績的角度看來，這些拋售行為令現時的市場估值顯得非常吸引，諸如市盈率、股價對現金流比率和市帳率等指標皆接近於十年低位。大部份投資者的心態都是悲觀和消極，代表了大量負面情緒都已反映在價格中。基於股價估值無論相對與歷史水平或者區內其他國家都屬偏低，我相信下跌的風險是有限的。

問2：現時股票的估值是多少？答：截至9月30日，恒生指數市帳率為1.1倍，不但是十年以來最低，而且比十年平均值有四成折讓。部份原因可以被解釋為股本回報率下降(14-15%，比10年平均值19%為低），而股本回報率減少是由產能過剩和推行反貪腐所導致。年初至今，價值股跑贏增長股3.4%（以MSCI香港價值股指數（美元淨回報）與MSCI香港增長股指數（美元淨回報）作比較）。我們的經驗是，在動盪的市場下，市帳率和預測股票收益率是尋找股票價值較佳的參考。

相對而言，動能可能是比較差的指標。一隻股票的錄得較少虧損並不代表它在逆市中生存有道。機會投資者正等待比較清晰的指標才會進行抵銷倉盤。

在信安，我們並不會預測究竟價值股還是增長股會領先市場。相對而言，我們採取謹慎的選股方針，以此建構出能提供更出色增長前景而又估值低於大市的投資組合。

問3：香港和中國股票市場的前景怎樣？現在是買入的好時機嗎？答：我們的策略是繼續對業務基調改善、投資者期望升溫及估值相對吸引的股份持偏高比重，並減低與指數相關的市場、板塊和行業配置，從而集中透過物色優質股票創造卓越的表現。

今次的跌市為我們的投資組合帶來買入的機會，因為我們相信推行反貪腐雖然影響經濟，卻是好事，而結構性改革則將有助股本回報率在近期尋底。我們傾向一些資產負債表健全並負債比率合理（或持有淨現金）、以及淨現金流相對股價比率和預測股票收益率吸引的公司。穩健的財政狀況令這類公司有能力以低廉的價格拼購其他企業，以謀長遠的增長。

我們對多元化消費品股份作偏高的配置，原因是部份行業會有盈利上調，例如汽車業受到消費稅減少和電動車的帶動。我們同時也對保險業、公用事業和電訊業作偏高的配置，因其擁有強勁現金流並受惠政府的改革計劃。此外，我們減低了一些重倉外幣的企業（無論其外幣是來自收益或者負債）。而對能源（石油和煤）和澳門賭業股則維持低配或者不持倉。

資料來源：彭博，數據截至2015年9月30日。 Data Source: Bloomberg as at 30/9/2015.

為使強積金制度更切合計劃成員的需要，積金局不時檢討和改善制度，包括優化提取強積金的安排。

積金局由2015年8月1日開始，新增罹患末期疾病為提早提取強積金的理由之一。罹患末期疾病並沒有指定的疾病清單，如註冊醫生或註冊中醫（下統稱「醫生」）認為計劃成員因為患病，而令其預期壽命相當可能縮短至12個月或以下，醫生便可為計劃成員簽發醫學證明書，方便他們以此為由，申請提早提取強積金。

獲簽醫學證明書後，計劃成員須於12個月內提出申請，否則申請將不獲接納。如他們在不同強積金計劃持有帳戶，須分別向每個計劃的受託人提出申請。

另外，政府亦已刊憲，經立法會審議通過後，計劃成員可由2016年2月1日起，在退休或提早退休時分期提取強積金。

目前，年滿65歲或提早於60歲退休的計劃成員，只可一筆過提取強積金，或將整筆強積金保留在計劃 繼續滾存。在新措施下，他們有第三個選擇：以分期形式提取強積金，以提高靈活性。

強制性公積金計劃管理局熱線：2918 0102www.mpfa.org.hk

To make the MPF System better suit scheme members’ needs, the MPFA from time to time reviews the System and makes improvements, such as refining the withdrawal arrangements for MPF benefits.The arrangement for early withdrawal of MPF benefits on the ground of terminal illness became effective on 1 August 2015. There is no specific list of diseases that are considered to constitute a terminal illness. If a registered medical practitioner or a registered Chinese medicine practitioner (collectively referred to as “doctor” below) is of the opinion that the scheme member has an illness that is likely to reduce the member’s life expectancy to 12 months or less, the doctor may issue a medical certificate to the member to facilitate the member’s application for the early withdrawal of MPF benefits on this ground. Scheme members should submit the signed medical certificate within 12 months of the date of issue or the application will be rejected. If members have MPF accounts in different MPF schemes, they must submit a separate application to the trustee of each scheme.In a separate arrangement, the Government has gazetted that the proposal of allowing scheme members to withdraw their MPF benefits by instalments upon retirement or early retirement would, subject to negative vetting, commence on 1 February 2016. Currently, upon reaching the age of 65 or early retirement at the age of 60, scheme members can either withdraw their MPF benefits in a lump sum or leave all their MPF benefits in the schemes for continuous accumulation. After the implementation of the new measure, they will have a third option: to withdraw their MPF benefits by instalments, and enjoy greater flexibility.

Mandatory Provident Fund Schemes AuthorityHotline: 2918 0102

www.mpfa.org.hk

優化提取強積金的安排Refining the Withdrawal Arrangements for MPF Benefits

Disclosure:1. This material is the property of Principal Trust Company (Asia) Limited (“PTC”). No part of the

material may be modified, reproduced, transmitted, stored or distributed to any other person or incorporation in any format for any purposes without PTC’s prior written consent.

2. The information in this material has been derived from sources believed to be accurate and reliable. The content is for informational purpose only and is neither a recommendation to buy or sell any securities nor a solicitation to deal in the products referred to therein. The information is subject to change without notice. PTC will not warrant or guarantee the accuracy and/or completeness of third-party content. Subject to any contrary provisions of applicable law, neither PTC nor any of its employees or directors warrants or guarantees the accuracy or accept any responsibility arising in any other way for errors or omissions in this material.

3. This material has not been reviewed by regulatory authorities in Hong Kong.4. Investment involves risks. The value of the funds may go up or down. Past performance is not

indicative of future performance. Investors should not invest solely in reliance on this marketing material. Investors should consider their own risk tolerance level, investment objective, individual needs and financial circumstances before making any investment choice. Investors should read the Principal Brochures of relevant Principal MPF schemes and the related offering document for further details (including investment policy, risk factors, fee and charges of the constituent funds) before making any investment choice.

資料披露：1. 本文件為信安信託（亞洲）有限公司(“PTC”)所擁有。在未取得PTC的事先書面同意，內容的任何部份均不可被任何人士或機構作任何方式及為任何目的而修改、再造、傳送、儲存或分發。

2. 此文件之內容來自認為及可靠的來源。提供的內容僅供參考用途及不應視為招攬產品買賣之建議。此文件資料會隨時更改而不另行通知。PTC不能擔保或保證由第三方提供內容之準確性及╱或完整性。在沒有抵觸任何法律規定的前提下，PTC或其僱員或董事不能擔保或保證本文件內容之準確性，或承擔任何其他由本文件的錯誤或遺漏所引起之責任。

3. 本文件並未呈交香港監管機構審查。4. 投資涉及風險。基金價格可升可跌。過往表現不可作為日後表現的可靠依據，投資者不應依賴此作出任何投資決定。投資者作出投資決定之前，應先考慮投資項目是否符合自己的風險承受程度、投資目標、個別需要及財政狀況。投資者在投資前應閱讀有關之主要推銷刊物及其說明書（包括成分基金的投資政策、風險因素、費用及收費)。

本宣傳品並未經證券及期貨事務監察委員會審核。 © 2015版權屬信安信託（亞洲）有限公司所有。本宣傳品之發行人：信安信託（亞洲）有限公司及信安資金管理（亞洲）有限公司

This marketing material has not been reviewed by the Securities and Futures Commission. Copyright © 2015 Principal Trust Company (Asia) Limited.Issuer of this material: Principal Trust Company (Asia) Limited and Principal Asset Management Company (Asia) Limited

如對信安「尊信會」通訊有任何查詢或意見，請致電(852) 2827 1233或電郵至hkinfo@exchange.principal.com，與我們的客戶服務代表聯絡。歡迎瀏覽信安網頁www.principal.com.hk以獲得更多關於信安的資訊。

如閣下不想再收到此刊物和╱或信安信託（亞洲）有限公司的市場 推廣資訊，請電郵至HKMARKETING@exchange.principal.com通知我們。

For questions or comments on Principal Club Update, please contact our Customer Service Hotline at (852) 2827 1233 or email us at hkinfo@exchange.principal.com. You can also visit www.principal.com.hk to know more about Principal.

If you do not wish to receive this and/or further marketing and promotional messages from Principal Trust Company(Asia) Limited, please inform us via HKMARKETING@exchange.principal.com to unsubscribe.

信安投資及退休金服務有限公司常務董事林黃慧貞女士(Carmen)Mrs. Carmen Lam, Managing Director of Principal Investment & Retirement Services Limited

Tips

強積金貼士分享：強積金教育節目「強積金要上心」MPF Tips Sharing: MPF Education Program “強積金要上心”

As one of the leading MPF providers in Hong Kong, Principal aims to play an active role in sharing the knowledge of MPF and retirement planning with the public. Starting from 14 September, Principal sponsors a new MPF education program “強積金要上心” on Metro 28 online TV platform, part of the Metro Daily.

General public could enjoy this educational and easy-to-understand information online on Metro 28 online TV platform, Metro Daily mobile app.

Let’s recap some of the MPF tips shared by Carmen:

信安作為香港強積金業界的最大供應商之一，致力積極與社會大眾分享強積金和退休保障的知識。由9月14日起，信安贊助新強積金教育節目「強積金要上心」，節目由都市日報旗下的都市電視財經頻道Metro 28製作。

大家可於都市電視財經頻道Metro 28網上平台，和都市日報手機應用程式觀賞這個具教育意義又容易掌握的資訊節目。

讓我們一起重溫Carmen在節目中分享的強積金小貼士： MPF Personalized Service 1 MPF Personalized Service 2

強積金個人化服務（一） 強積金個人化服務（二）